Are you at a loss to know what step to take next for your business? Have you heard about merchant loans, but are unsure what the requirements are? What if bad credit is involved, will that be an issue? Merchant cash advances are increasingly becoming a popular form of financing, especially for small businesses. Fortunately, these types of loans differ from other small business loans, allowing those with bad credit to receive help as well.
One of the benefits of a merchant cash advance is that they have a high approval rating. A merchant cash advance is approved based on business performance instead of personal credit, financials or time in business.
Other small business loans enforce strict credit requirements and extensive documentation. Long waiting times are experienced for funding, and complicated contracts can be expected.
The requirements for a merchant cash advance differ, however. 1st American Merchant Funding guarantees that businesses with a credit score below 500 will be approved. Once approved, your funds will be available in 72 hours. No tax returns or financials are required.
Benefits of Merchant Cash Advance with 1st American Merchant Funding
- No Hassle Payback – Your payments will automatically be held from the credit card transactions that are made.
- Convenient Collections – We get paid when you get paid; that is, the payment we receive is a percentage of your daily sales. This is especially convenient when you experience a slower month than usual.
- Nothing on the Line – Because a merchant cash advance is a sales transaction, unlike a commercial business loan, they are not reported on credit reports; thus, there are no collateral requirements.
1st American Merchant Advance purchases your future sales at a discount. Along with accepting you regardless of bad credit, 1st American Merchant advance allows both parties not only to agree on the amount of sales being purchased, but also on the discounted cost. It should be noted that having and paying back any number of merchant cash advances will not improve your business credit.
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